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. neither chamber in session. an eerie calm since the fiscal cliff only congress has the power to avert is less than one week away. from their home, senate democratic leaders is trying to figure out if the president's scaled back bill can pass congress at the 11th hour. >> there is absolutely no reason, none, not to protect these americans from a tax hike. at the very least, let's agree right now on what we already agree on. let's get that done. >> reporter: but to get that done, democrats first would likely need nearly ten senate republicans to cross party lines and vote to effectively increase taxes on the top 2% of americans. some conservatives be grudgingly now say they're willing to do that. >> if we get done to twn to thed that's the only choice, i would support that. but i wish we would have a comprehensive bill that dealt with spending you can entitlements and taxes and you would together. >> reporter: the senate returns to work thursday, but democratic sources say their best realistic chance of getting gop votes is when the pressure will really be on, at or close to december 31
. no, if you haven't heard there's a thing called the fiscal cliff. it's -- tax hikes and -- spending cuts that will in come on january 1. and they have done nothing to avert this. both parties say a partial agreement is probably the most that can be expected before january 1. here's a look back at some negotiations that we saw and some key developments that no one has risen above. >> the fiscal cliff, yes, it is still loom figure you're wondering. >> i think we could be taken to the brink again. >> the market is responding to the pending fiscal cliff. >> businesses have stopped investing. business has stopped spending. business has stopped hiring. >> nobody knows what's going to happen. there's outlandish guesses on both sides. >> it wouldn't surprise me if we go past january 1. >> you can't tax your way out of this. you can't cut spending your way out of this. you can't grow your way out of this. >> another two million people will lose their job. unemployment will go to 9%. why would we do that? >> president obama is meeting with high-profile officers today -- >> we don't speculate
it done. look, i don't think it would be the end of the world if we go off the fiscal cliff. and it think it would be resolved in the weeks ahead. but this is kind of a black eye for the political system. here we are, two or three days ahead from the start of the year. without any american business investor, or worker, this just is not a very good way to run a country. and it is almost like banana republic politics. >> my dad used to say, no way to run a railroad. or government. let's talk about a couple of things, the whole idea that tax rates on everyone will go up. does the irs or the treasury department have the ability to sort of say look, here is some guidance? keep withholding where it is? >> well, the irs is in turmoil right now. they don't know what to do. they're putting out kind of mixed signals about whether they can get the tax forms done. whether they can advise businesses what to do. now i do think, the people that are really worried, the middle class people worried about their taxes going up. i do think if we get it solved in the next few days, there is a chance we get a r
be done to avert this so-called fiscal cliff. ed, good to see you. merry christmas to you. >> reporter: merry christmas, kelly. economists have warned that this could lead to another recession if in fact these massive spending cuts and tax hikes kick in at the same time right at the beginning of the new year. what they're trying to do to avert that is scaled back plan that the president suggested late last week that would basically deal with some of the emergency pests of this. extended unemployment benefits for two million people about to be kicked off their benefits a week after christmas the president also wants to extend tax cuts for the middle class. you heard house speaker john boehner say the problem there that will raise tax rates for some. he thinks that will hurt the economy, although over the weekend in sort of a holiday message the speaker suggested maybe they can come together after the holiday. >> of course hope springs eternal and i know we have it in us to come together and do the right thing. we'll continue to work with our colleagues in the congress and the white hous
for for years and he gets to blame republicans for it. >> that's obviously jon talking about the fiscal cliff. but he also said yesterday that he thinks that the whole concept of putting any armed police officers at schools should be done at the local level, if at all. the big push at the nra is to make it a federal program and it should be funded by the federal government by congress. so it does not look like there's going to be a lot of support for that right now. i've been struck talking to republicans sources. republican sources at how turned off a lot of people were by wayne louisiana pair. more so with the tone and the way he delivered the message. i talked to one republican in congress who said that it seemed like it was a time war. he was very aggressive and he didn't seem to be sort of getting the sentiment of where we are now. >> so listening to lindsey graham saying there's not much we can do to stop someone who is not wired right and talking to the number of lawmakers that you have talked to, after the first of the year when dianne feinstein says she's going to introduce this bill
Search Results 0 to 4 of about 5